Montreal housing market in a slump
MONTREAL – The Quebec Federation of Real Estate Board (QFERB) has released its second-quarter findings for the Montreal Metropolitan Area and home sales are down.
The QFREB says that home sales in the city have reached their lowest levels in 10 years with an overall drop of five per cent.
The slump affects all three property categories, with sales of single-family homes decreasing by five per cent, condominium sales dropping three per cent and multi-plexes seeing the largest drop with 10 per cent.
Homes are also staying on the market an average of 117 days as opposed to 110 days a year ago.
The Federation blames high unemployment and the last provincial election for making players in the market skittish.
Despite sluggish sales the QFERB reports that prices have remained steady.
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